semi fungible tokens are the latest entrant to the digital space. These unique tokens are derived from their origin, the non-fungible token, also known as NFT. The concept of non-fungible tokens has triggered the creation of semi fungible tokens. Before we could get into the concept of semi fungible tokens, it is necessary to have an insight into non-fungible tokens. Non-fungible tokens are digital assets that are asserted by the virtue of uniqueness and rarity. And their integration with the blockchain network makes them an impeccable digital platform.
The majority of the business sectors are adopting this concept because of their soaring market value, it has been estimated to be around $338 million in transaction volume till the year 2020 and the present year is still going forward in a fierce way. Therefore, it is the right time to indulge yourself in NFTs with the help of a top-tier NFT development company that provides all types of services.
At Infinite Block Tech, we monitor the digital market for the latest development changes and arrivals. Therefore, we have suited ourselves with effective semi fungible token development solutions for the creation of your own SFT. Our reputation exceeds boundaries in terms of developing crypto projects which also include non-fungible tokens. Ergo, hire our SFT development company for unlocking immense benefits and features.
The semi fungible token is a type of token that has the ability to be represented as both fungible and non-fungible at the same time. This is an effective crypto project that acts as the bridge between fungible and non-fungible. This token functions as a regular fungible token; it can be traded with similar or identical semi fungible tokens.
It acts as a direct link between fungible and non-fungible tokens.
The semi fungible tokens are effective in being traded individually over a group of tokens.
It is highly efficient and easy for users to mint their semi fungible tokens.
A singular smart contract is enough to run both non-fungible and fungible tokens at the same time.
The landscape of the digital space has been gradually shifting to a great plane that is being completely influenced by various beneficial factors and protocols. Non-fungible tokens are the leader of this unique digital revolution. This revolution is completely unique because non-fungible tokens are abided by the law of uniqueness and scarcity. Non-fungible tokens have the potential to convert anything that has the ability to digitize themselves, including tangible and intangible assets. As the name suggests, the digital assets represented by non-fungible tokens cannot be traded among themselves, they are non-fungible. But, as the market is evolving, there are certain demands that had to be met; to trade non-fungible tokens as fungible tokens. To certify this demand, semi fungible tokens were created.
semi fungible tokens have the ability to act as both fungible and non-fungible at the same time. By using this unique concept, you can unlock exceptional benefits for your business project. By illustrating an example, it helps you understand the SFT development concept even better; a digital form of a concert ticket to a music program is considered to be a certified digital asset. This concert ticket holds a certain value that is predicted based on the external factors that are involved. The factors may be the venue of the program, the band that is playing, the selection of seats, and much more. This is where the concept of SFT kicks in, the concert ticket can be traded with another ticket that possesses the same external parameters. This process is valid only till the expiration date. Once the ticket expires, it cannot be traded and it becomes a non-fungible token. Therefore, semi fungible tokens act as a bridge between fungible and non-fungible assets.
semi fungible tokens have been an exceptional influence in various business industries but, it was more symbiotic towards the digital gaming industry because of the intrinsic functionalities possessed by this industry.Digital gaming platforms have been improvised with the application of non-fungible tokens. The blockchain interaction has made gamers earn money while playing the game they love. Since the in-game assets and credits are converted into non-fungible tokens, it opens the door for monetization and holding ownership over those assets. Non-fungible tokens are like every other crypto application, they are built on the effectiveness of the blockchain network.
Therefore, all in-game assets are built on various token standards depending on the blockchain. The Ethereum blockchain is the most commonly used blockchain for gaming, and we have the expertise to develop your business with the Ethereum blockchain at a high level. ERC-721, ERC-20, and ERC-1155 are token standards that are used on a basic NFT game which consists of various types of in-game purchases.These various types of unique in-game purchases can be traded over marketplaces but the trading process is intricate because of the efforts taken to trade fungible and non-fungible tokens separately. To simplify it, semi fungible tokens are used. Therefore, avail of our SFT development services and simplify complexities within your business project with us.
Infinite Block Tech is widely regarded as one of the best in the crypto market. Our development services are destined to elevate your SFT development project to astronomical heights. Time consumption is always a challenge for every development process. Here, at IBT, it is not the case as we push ourselves to the highest standard possible to deliver your crypto project on time and with great accuracy. Therefore, hiring our semi fungible token development company is the right choice for uplifting your business to phenomenal heights.